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Andy Schoonover, founder and CEO of CrowdHealth, discusses the drawbacks of health insurance and the benefits of cash payments for healthcare services. He explores affordable healthcare options for entrepreneurs through CrowdHealth, a crowdfunding approach. The chapter also emphasizes the importance of surrounding oneself with the right people and being a member of CrowdHealth.
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Quick takeaways
- Health insurance plans and hospital systems both have perverse incentives that drive up healthcare costs.
- Operating without health insurance can be more freeing, allowing individuals to negotiate lower prices and avoid the hassle of dealing with insurance plans.
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The Problems with Health Insurance Incentives
Health insurance plans and hospital systems both have perverse incentives that drive up healthcare costs. The sellers of healthcare, such as hospitals, want the prices to go up, while the buyers, insurance plans, also benefit from higher prices due to legislation capping their profits at a percentage of premiums. As a result, healthcare costs continue to rise due to these perverse incentives.
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